Delisle of Island Associates reps buyer in $11.586 million acquisition of two Florida Walgreens

Island Associates (IA) brokered two triple-net Walgreens properties in Florida. IA represented an individual investor who was seeking a safe triple-net investment. IA located the available properties and negotiated the terms of purchase and sale for a newly constructed Walgreens in Sarasota and a newly constructed Walgreens in Daytona. The closing of title for the Walgreens in Sarasota occurred on April 19. The property consists of a 1.87 acre parcel with a 14,560 s/f Walgreens Pharmacy located on the Northeast corner of Lockwood Ridge Rd. and 17th St. The lease agreement expires in June 2034 with options for Walgreens to renew. The purchase price of $5.4 million provided the investor with a CAP rate close to 7.7%. Title for the Walgreens in Daytona closed on June 18. The Daytona property consists of 2.091 acres with a 14,820 s/f Walgreens Pharmacy. The property is located on the Northeast corner of U.S. Hwy. 1 and Beville Rd. The lease agreement expires in June 2033 with options for Walgreens to renew the term. The investor is benefiting from a 7.75% cap rate on a purchase price of $6.186 million. The cumulative purchase price of $11.586 million and cap rates over 7.7% allowed IA's client to make a secure investment benefiting from a 1031 exchange with a solid return for over 23 years. The 1031 exchange property was a shopping center on Long Island. Roger Delisle of IA represented the investor.